All quiet but market eyes on the UK Supreme Court
Tuesday 24 September 2019
We've seen some very tight ranges since yesterday's falls on softer risk/rata et al but the calm before a potential storm for GBP traders at least as the UK Supreme Court delivers its verdict at 09.30 GMT.
Lots of variables to the outcome and subsequent fall-out and I'm not playing a second-guess game. Just focus on the price action as it unfolds and pick your levels. Don't over-anticipate or over-analyze as it's still not the only game in town. The BBC has a good summary of the risks here though. https://www.bbc.co.uk/news/uk-politics-49795111
GBPUSD yesterday held 1.2400 but has also since failed to climb back over 1.2450 and remains delicately poised. EURGBP remains range bound with the core pairs both consolidating and with month-end demand once again approaching to provide expected Euro dip-demand as ever from the German central bank to cover UK membership fees. GBPJPY has also been in tight mode with core pairs going nowhere in a hurry as the risk awaits.
I will continue to rally-sell GBP as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.Rinse and repeat.Still no reason to change my view any time soon as the current madness plays out. UK Supreme Court ruling the focus/risk this morning and as always I will be poised with entry/exit levels and let the algos do the heavy work.
EURUSD held 1.0960 but has failed to break back above 1.1000 in its rally where we have large expiries today and through the week. USDJPY duly held the 107.30 support that I mentioned yesterday but also struggling to rally too far as risk remains over China et al.USDCHF dipped through 0.9900 again but still finding support into the next layer of bids at 0.9880.
AUDUSD has been tightly bound too and this morning brings RBA Governor Lowe to the rostrum at 09.55 GMT while
USDCAD still good two-way pips to be had amid the variable oil/USD/risk sentiment.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Have a good day out there one and all.
Interbank Rate 08.45 BST